Key assets represent knowledge that your business has that is critical to the operation of your business. ... Basically, anything about your business that is essential to its core operation would be considered a knowledge asset.
Answer:
The income tax expense for 2021 income statement is $101 million as computed in the explanation section below.
Explanation:
The income tax expense in the year 2021 is the income taxes payable while adding the reduction in deferred tax asset or deducting the increase in deferred tax asset plus the portion of the current deferred tax asset not realizable using the applicable tax rate as found below:
Income tax payable $90 million
deduct;increase in deferred tax asset($170-$130) ($40 million)
Add;unrealized deferred tax asset($170*30%) $51 million
Income tax expense for 2021 income statement $101 million
Due to scarce resources, every individual, whether rich or poor, faces an opportunity cost when choosing to produce or consume more of one good over another.
<h3>What is the problem with scarce resources?</h3>
The gap between scarce resources and hypothetically unbounded needs is referred to as scarcity and is a fundamental economic issue. In order to meet both basic necessities and as many additional wants as feasible, people must decide how to spend resources effectively.
The value of the best option foregone is the opportunity cost of a decision. The state of not being able to obtain all the commodities and services one desires is known as scarcity. It exists because there are more commodities and services that people demand than can be produced with all of the available resources.
Learn more about Opportunity costs here:
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True because if you don’t have those things you won’t have a stable finance situation and if something goes wrong you will be in a pickle.
Answer:
The average collection period of the company is 18 days
Explanation:
The formula for computing the average collection period of the company is as follows:
Average Collection period = 365 / Accounts receivable turnover ratio
where
Accounts receivable turnover ratio is computed as:
Accounts receivable turnover ratio = Net credit sales / Average accounts receivable
Putting the values above:
Accounts receivable turnover ratio = $400,000 / $20,000
Accounts receivable turnover ratio = 20
Now putting the values of the Accounts receivable turnover ratio in the formula of average collection period:
Average collection period = 365 / 20
= 18.25 or 18 days
